|
Getting your Trinity Audio player ready...
|
Democratic Party fundraiser Norman Hsu, who surrendered to authorities in San Mateo County Friday in connection with a 1991 grand theft conviction, is scheduled to appear Wednesday morning in San Mateo County Superior Court.
Hsu, 56, was taken into custody in Redwood City on Friday, after being sought for 15 years following his failure to appear for his sentencing in San Mateo County in 1992, according to the California Attorney General’s Office.
Hsu was a California resident at the time he was convicted of a “Ponzi-type” scheme to sell latex gloves that defrauded 20 investors throughout the state out of approximately $1 million, Attorney General’s Office spokesman Gareth Lacy said.
Hsu agreed to plead no contest to one count of grand theft and under the terms of the deal, was to serve up to three years in state prison and compensate the victims, according to Lacy.
“We had a negotiated agreement that he would pay restitution to the victims and serve some time,” Lacy said.
However, Hsu failed to show up for his sentencing hearing and a judge issued a $2 million warrant for his arrest.
“We have no evidence that any restitution was paid,” Lacy added.
Hsu’s attorney James Brosnahan was not available Tuesday for comment.
On Friday, Hsu turned himself in to a San Mateo County Superior Court judge and was jailed on $2 million bail.
According to San Mateo County Chief Deputy District Attorney Steve Wagstaffe, Hsu posted the $2 million in cash later that day and was released from jail.
Hsu’s Wednesday hearing, originally scheduled to discuss a request for bail reduction, will likely be used to set a date for Hsu’s sentencing, according to Wagstaffe.
The hearing is scheduled for 9 a.m. Wednesday in Courtroom 2E, San Mateo County Superior Court in Redwood City.
